I’m Surprised! WSJ’s Nick Timiraos Gets It Backwards On Agency Debt Guarantee

the Wall Street Journal has published the definitive word on Treasury's policy to support the GSE institutions, but never the GSE debt itself.

Curiously, reporter Nick Timiraos manages to parse the story exactly backwards, which is not that surprising given that the whole point of Geithner's squirming is to leave the impression with F&F's bondholders that there is an explicit guarantee when there most definitively is not.